WOODBURY, MINN. — RED Development, through a joint venture with an institutional partner, has acquired Woodbury Lakes Shopping Center in Woodbury. Located at the intersection of Interstate 94 and Hudson Road, the 400,000-square-foot lifestyle center is occupied by H&M, Trader Joe’s, Michaels, DSW, Ann Taylor, Banana Republic and Coldwater Creek. The center will be managed by RED’s property management division, RED Asset Mangement. RED and Opus Northwest built Woodbury Lakes and sold the property to Hartford, Conn.-based Cornerstone Real Estate Advisors in 2006. RED decided to acquire Woodbury Lakes after the property was recently returned the lender. The transaction is RED’s first acquisition as part of its new strategy to acquire completed or nearly completed core shopping centers that are either distressed or require a more hands-on approach to operations. Terms of the sale were not disclosed.
Midwest
LAGRANGE, ILL. — Palos Heights, Ill.-based Edwards Realty Co. has acquired LaGrange Crossing, a retail center located at the corner of Ogden Avenue and LaGrange Road in LaGrange. The 67,767-square-foot center is occupied by Trader Joe’s, Borders Books & Music, Walgreens, Corner Bakery, Pier 1 Imports, Caribou Coffee and AT&T. Rick Drogosz and Ben Wineman of Mid-America Real Estate Corp. represented the undisclosed seller; the buyer was self-represented. The sales price was not released.
MARION, IOWA — Alliant Capital has completed the refinancing of the Regal Townhomes in Marion. The borrower, Rosslare Capital Investments, received a $7.376 million 10-year term loan, which carries a 5.83 percent interest rate. Completed in 2003, the multifamily property consists of 42 two-story garden- and townhome-style buildings offering 168 two- and three-bedroom apartment units. Aaron Abelson of Alliant Capital closed the transaction. The refinancing was completed to remove the existing CMBS loan, which was originally financed in 2003.
CHICAGO — A private investor group has purchased a 75,475-square-foot industrial facility for an undisclosed price. The property is located at 9522 Winona Ave. in Chicago’s Schiller Park neighborhood. Tim Thompson and Brad Borkowski of HSA Commercial Real Estate represented the buyer; CB Richard Ellis represented the undisclosed seller in the transaction. The sales price was not released.
ROCHESTER HILLS AND NOVI, MICH. — Amsdell Storage Ventures I LLC has acquired two Class A self-storage facilities in Michigan. The portfolio consists of the 160 Avon Road facility in Rochester Hills and the 40900 Grand River Avenue property in Novi. The properties total 134,246 net rentable square feet and offer 1,186 units. Steve Hryszko of CB Richard Ellis represented the seller, MW Tolero Holding Corp., in the transaction. The property will be managed by Compass Self Storage.
HOFFMAN ESTATES, ILL. — Schaumburg-based RMS Properties has acquired Hoffman Village Shopping Center in Hoffman Estates. Located at the corner of Gold and Barrington roads, the 158,313-square-foot retail property is occupied by Dominick’s, The Putting Edge, Dunkin’ Donuts/Baskin Robbins, GNC, Insure One, Fannie May, Check ‘N Go, State Farm and Radio Shack. Ben Wineman, Stan Nitzberg and Joe Girardi represented the undisclosed seller in the transaction. Terms of the deal were not released.
DETROIT — Blue Cross Blue Shield of Michigan (BCBSM) is leasing 435,245 square feet of space in Towers 500 and 600 of GM Renaissance Center in downtown Detroit. The company will move approximately 3,000 employees from its current Southfield, Mich., campus to the new space. The move will reduce BCBSM’s real estate footprint by more than 400,000 square feet, and increase the company’s downtown Detroit workforce to approximately 6,000. BCBSM will retain its current Detroit offices located at 500 and 600 E. Lafayette Blvd. and 441 E. Jefferson Ave. — creating a campus that extends from the Detroit riverfront to Lafayette Boulevard. Terms of the lease were not disclosed.
OMAHA, NEB. — Chicago-based Omaha Headquarters Venture DST has acquired Farnam Tech Center, an office property located at 10826 and 10842 Farnam Dr. in Omaha. Ameritas Life Insurance Corp. sold the property for $18 million. The two-building center offers 118,612 square feet of office space and a 383-stall parking garage. Built in 1986, the fully occupied buildings are anchored by TD Ameritrade, which leases 70 percent of the asset. Mark Seger of CB Richard Ellis|Mega represented the buyer; Richard Meginnis and Tom Graf of NAI FMA Realty represented the seller in the transaction.
CHICAGO — Jones Lang LaSalle, on behalf of Tishman Hotel & Realty, has secured a $158.5 million in senior debt financing form Goldman Sachs Real Estate Mezzanine Partners for the refinancing of Sheraton Chicago Hotel & Towers. The 1,209-room, full-service convention hotel is located along the Chicago River in downtown Chicago. The property features 20,000 square feet of flexible meeting space, an executive conference center, six distinct food and beverage outlets, an indoor swimming pool, a health club, a club-level lounge, a business center, a gift shop and a 420-space underground parking garage. Tishman Hotel & Realty built and developed the hotel in 1992 and has owned the property since its construction.
MADISON, WIS. — US Oil Co. has leased 121,000 square feet of warehouse/distribution space in Madison. Located at 4722 Helgesen Dr., the upgraded and renovated high-bay warehouse is situated in close proximity to the Beltline Highway and interstates 90 and 94. Chase Brieman of CB Richard Ellis represented the lessor, True North Investments, in the transaction. Terms of the transaction were not disclosed.